Montenegro backs change in law on foreign ownership of land

by Property Investor News (February 2008)

The Montenegro government has just backed a draft law to make it easier for overseas investors to buy land for development purposes, by removing the requirements that they need to set up a company first, often in partnership with a local company. Under the planned legislation such restrictions will be removed. The proposed law also makes it possible to acquire a mortgage on a property that is under construction. Previously mortgages were available only to those who wanted to buy a home that has already been built.

British investors are already the largest contingent of western landowners, followed by Russians, and the new laws should help boost their presence. The Montenegrin administration expects that the removal of restrictions on foreign nationals' right to acquire property will improve Montenegro's competitiveness and encourage further investment.